Global Infrastructure SherpaCaitong Asset Management and CSI Solar secure acceptance for CNY 451 million ABS for a 200 MW/800 MWh battery storage project
China's first hold-type real estate ABS backed by a standalone energy storage asset, developed by Suzhou CSI New Energy Development Co., Ltd., a subsidiary of CSI Solar Co., Ltd., was accepted for review by the Shanghai Stock Exchange with a proposed issuance size of CNY 451 million. The underlying asset is a 200 MW/800 MWh storage station in Suzhou district of Jiuquan, Gansu.
Counterparts (3)
Deal Analysis
- China's first hold-type real estate ABS for a standalone energy storage asset.
- CNY 451 million financing for a 200 MW/800 MWh battery storage project.
- Involvement of Caitong Asset Management and CSI Solar Co., Ltd.
- Underlying asset is a large-scale battery storage station in Gansu, China.
Source Intelligence
China’s first hold-type real estate ABS backed by a standalone energy storage asset. The product is formally named “Caitong Asset Management–CSI Solar Hold-type Real Estate Asset-backed Special Plan (Carbon Neutrality)”. The underlying asset is a 200 MW/800 MWh storage station with a total project investment of around CNY 1 billion. The product has been accepted for review but is not yet issued. It is described as resembling an institutional pre-REITs product and represents the first attempt to package merchant-style storage cash flows into a hold-type ABS framework. Quote: "China’s first hold-type real estate ABS backed by a standalone energy storage asset has been accepted for review by the Shanghai Stock Exchange... The product, formally named “Caitong Asset Management–CSI Solar Hold-type Real Estate Asset-backed Special Plan (Carbon Neutrality)”... Reports identify the core asset as a 200 MW/800 MWh storage station in the Suzhou district of Jiuquan, Gansu, with a total project investment of around CNY 1 billion... For now, however, the CSI Solar-linked product has been accepted, not issued yet – meaning the market has opened the door, but there is still one step to take... The filing represents the first attempt to package merchant-style storage cash flows into a hold-type ABS framework, resembling an institutional pre-REITs product."
"The product, formally named “Caitong Asset Management–CSI Solar Hold-type Real Estate Asset-backed Special Plan (Carbon Neutrality)”"
"The original equity holder is Suzhou CSI New Energy Development Co., Ltd., a subsidiary of CSI Solar Co., Ltd."
"The original equity holder is Suzhou CSI New Energy Development Co., Ltd., a subsidiary of CSI Solar Co., Ltd."